How Important is Target Market really?

How important is your target market

 

Target Market work is one of the essentials I cover in my UPswing Mastermind Program. In fact, it’s where we start off.

Every decision you make in your business relies on the intimate knowledge of WHO YOU WANT TO SERVE – knowing who they are, what they love, what keeps them up at night, what they’re eating, reading, watching.

Andrea came into the Upswing Mastermind with her Health Coaching hat on after recently graduating from IIN Health Coaching School. She had 2 clients, but says she just didn’t know what she was doing. She had put in work to launch her website, but hadn’t spent a great deal of time defining her Target Market.  “I was just making it up,” tells Andrea. “When magical things didn’t happen after my website launch I was pretty confused as to what the next step was.

 

TARGET MARKET WORK IS ESSENTIAL

Most people think that having a pretty website and blog is going to bring money. It’s a valid assumption, because there are others out there who seem to be doing really well and they have all the website bells and whistles. Knowing your Target Market is what brings money. Knowing who to talk to and where to find them is what creates leads and, in turn, conversions to paying clients.

For the first half of the Mastermind we focus on Target Market. We explore ourselves and our own healing and growth journeys, our own pain points, and we identify what we know we can bring to the world to transform others’ lives.  Andrea’s lightbulb moment came after a laser call with me. “It took only 5 minutes and it turned EVERYTHING,” she says. “Amanda asked me what I was coaching my two clients on and I said, well actually…Mindfulness.

Amanda said to me, ‘Could you be a Mindfulness Coach?’ The lightbulbs went off everywhere! It changed everything. I suddenly knew what I was doing.

 

 


KNOWING YOUR TARGET MARKET OPENS EVERYTHING UP

Three months into the Mastermind, guest mentors came and talked about writing copy.  I wrote a program called Bloody Good Life 101, and that’s when I started to get clients.

Andrea had hit the nail on the head. She’d identified that her Target Market wanted a ‘bloody good life’ above anything else. With this knowledge she was able to put together a powerful program that spoke to her Dream Clients.

Knowing their language and their desires gave her the material for her program. Knowing, too, how to package coaching up as something her Target Market could tangibly understand and want to buy, made all the difference. Before the Mastermind, Andrea felt she was telling people, “I’ll coach you on some stuff”, instead of having a definitive outline and solid plan to tell people about when she was marketing herself.

SLOWLY, SLOWLY…

It started slowly,” tells Andrea. “When I first launched the program I got two clients - both millionaires and over 30 - and I was like ‘Yay, look at me…’ and then ‘Shiiiit, I have to coach them!

Having the package really helped because it made me look like I knew what I was doing.

Once Andrea had clarified her Target Market and created her first package she began to get more clear on her prices and started to raise them.

The more clients she coached, the more confident she became and the more material she was able to write from the questions clients came with and the breakthroughs they were having.

Things started to scale up, and after a few months and putting into place the marketing strategies she learned in the Mastermind, she was fully booked.

I made $8k last month,” says Andrea, 8 months after starting the Mastermind. “I’ve quit my part time job and I’m going to live in Bali. And I’m not actually charging high rates. My rates are very reasonable.

At the time of interviewing Andrea she had 28 clients. That’s 28 people were out there wanting Andrea’s Mindfulness work – just to think that before she didn’t know how to communicate that (or who to communicate it to).

Andrea agrees: “I learnt to communicate in the words that my clients were using. I had had all these ideas of what my clients needed, but I was wrong.”

And Target Market research doesn’t stop as soon as we’ve booked a bunch of clients. We ask them and get their feedback while we work with them. Through listening to them in their discovery sessions we know what they’re looking for and then discover another layer of what they need. 

Target Market is a pivotal part of your foundations for your coaching business and is covered in-depth in my UPswing Mastermind which starts again early 2016.

For advanced details, click here >>